Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets:
The Union Cabinet has approved the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets, a Rs 7,280-crore, seven-year programme aimed at building domestic Rare Earth Permanent Magnets (REPM) capacity.The scheme seeks to establish 6,000 million tonnes per annum (MTPA) of integrated REPM manufacturing capacity in India.The scheme supports complete value-chain integration, covering the conversion of oxides to metals, metals to alloys, and alloys to finished sintered magnets. This will help India develop its first-ever domestic REPM manufacturing ecosystem, reducing external vulnerabilities.The financial package includes Rs 6,450 crore in sales-linked incentives over five years and Rs 750 crore in capital subsidy.
